Tesla's Musk buying over half of SolarCity bond offer

August 23, 2016 11:17 PM

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SAN FRANCISCO Tesla Motors (TSLA.O) Chief Executive Elon Musk is buying $65 million of bonds from SolarCity Corp (SCTY.O) in the latest debt offering by the solar panel company that Tesla plans to acquire for $2.6 billion, according to a filing on Tuesday.

Musk's purchase of the so-called "solar bonds" comes after money-losing SolarCity last week said it would cut operating costs to bring expenses in line with its reduced solar installation outlook.